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- Stafford Loan
This is a long term loan repayable at a variable interest rate up to 8.25%. First-year students can borrow up to $3,500 per year. Second-year students can borrow up to $4,500 per year. Second year students include those students who have completed 31 credit hours toward their degree, not including college preparatory credits. Transfer students must have their transcript(s) evaluated before applying for this loan. HCC will determine the amount for which a student is eligible. Payment of this loan does not begin until the student has been out of school for six months. This loan is available through private lending institutions. Click on the "Financial Aid Forms" link to ascertain the Stafford Loan Request form.
- Unsubsidized Stafford Loan
This is a long term loan that can substitute or be in addition to the subsidized Stafford Loan. Interest accrues at a variable rate up to 8.25% while the student is attending college. This interest rate chart may be used as a guide for loans disbursed on or after July 1, 2006. For more detailed information regarding loan amounts, students should contact a campus financial aid office.
Check out the BE DEBT SAVVY website that will provide valuable information to help you manage your loan.
- How to Apply for a Stafford Loan
Students applying for a Stafford Loan must complete the following:
- (1) On-line Free Application for Federal Financial Aid (FAFSA)Make Sure HCC's School Code is listed, (007870) on your Application. Eligibility will be determined by the HCC Office of Student Financial Aid.
- (2) Stafford Loan Request Form & Guide To Sensible Borrowing
- (3) Student Agreement and Acknowledgement Form
- (4) Loan Entrance Counseling Session for First Time Borrowers at HCC
If you requested a loan, Sallie Mae will send you an email instructing you to complete the online "Master Promissory Note" (MPN). You may access the MPN by clicking HERE.
- Managing the Money You Borrow for College
Check out this useful online program from Sallie Mae to help you be debt savvy.
- PLUS Loan (Parent Loan for Undergraduate Students)
Parents of dependent classified students who are in need of funds to sponsor their son/daughter’s education may apply for a Federal Parent Loan (PLUS). Hillsborough Community College has agreements with three banks to process PLUS loans electronically. Parents are encouraged to select one of the three lenders for expeditious processing of the PLUS loan. The lending institutions that will provide electronic PLUS loan processing are Wachovia/Educaid, Bank of America and Chase. There will be a delay of processing PLUS loans from other lending institutions due to manual processing requirements.
Once the parent completes a PLUS loan on line, the lender or guarantee agency (SALLIE MAE) will forward to the parent and the college a pre-approval or denial notification. Students whose parents are approved for the PLUS loan must complete an HCC Student Agreement and Acknowledgement Form. All students are encouraged to also complete the FASFA application. Students may apply online at http://www.fafsa.ed.gov/.
For parents who wish to process a PLUS loan with Wachovia/Educaid, you may access and complete the PLUS Promissory Note on line by clicking the following website: https://www.wachovia.com/personal/page .
You may access and complete the PLUS Promissory Note online by clicking the following website: https://opennet.salliemae.com/.
Please contact your child's home campus Financial Aid Office to confirm the processing status of the PLUS loan once the Promissory Note is submitted. This program enables parents who do not have an adverse credit history to borrow funds to pay for the education of dependent children. Applications are available in the campus financial aid office. PLUS Loans have a variable interest rate, not to exceed 9% per year. Interest accrues while the student attends school. Repayment begins immediately. Parents can borrow up to the cost of education, minus any other financial aid.
Click here for useful links when considering a student loan.
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